Griffin receives full UK banking licence and $24m investment to spur growth

Griffin Granted Full UK Banking License:

1. Regulatory Approval:
   • Banking-as-a-Service (BaaS) provider Griffin has received approval from the UK’s financial regulators, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), to launch as a fully operational bank.
   • This approval marks the end of Griffin’s mobilization period.
2. Full UK Banking License:
   • Griffin has been granted a full UK banking license, allowing it to operate without the restrictions imposed during the authorized with restrictions (AwR) period.
3. Significance as BaaS Platform:
   • Griffin positions itself as the UK’s first full-stack BaaS platform with a complete banking license.
4. CEO’s Statement:
   • David Jarvis, CEO of Griffin, considers the approval as the “culmination of years of hard work.”
5. Accelerated Growth and Readiness:
   • With the expanded license, Griffin is poised for “accelerated growth” and is preparing for the go-live of its pilot customers and participants in its early access Foundations program.
6. Capital Boost:
   • Griffin has raised $24 million (£19 million) in a funding round co-led by MassMutual Ventures, NordicNinja, and Breega, along with participation from existing supporters Notion Capital and EQT Ventures.
   • The funding round follows Griffin’s $13.5 million Series A funding round in June.